CBE: Financial Position of Banks Reaches EGP1.3 Trillion

A recent report by the Central Bank Egypt (CBE) showed rise in financial position of banks - other than the Central Bank- by EGP 75.6 billion by 4.2% to reach EGP 1322.4 during the period from July 2011 until the end of February. Also, the total deposits in the banks rose to reach EGP 999.3 billion, of which 687.4 million in local currency with the equivalent to 189,931 million in foreign currencies.

The report showed that external debt reduced by about $ 1.2 billion, an average of 3.5% to record $ 33.7 billion at the end of last December. While the total domestic public debt reached 1133 billion at the end of December 2011, which is equivalent to 72.2% of GDP.

Meanwhile, the report added that the volume of trade exchange between Egypt and foreign world rose by 7.4% during the first half of the last fiscal year compared with the same period of the previous year.